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David Fickling

The Trade Slowdown Has Already Begun

As tariffs pile up, the world economy is starting to look holed below the waterline.

Boxing less clever.

Boxing less clever.

Photographer: Qilai Shen/Bloomberg

One of the paradoxes of this year’s trade tensions is that in many parts of the world, it doesn’t yet feel like a crisis.

For all the turmoil in emerging-market currencies, equity investors in major markets seem ... relaxed? The milestone passed with little fanfare, but the S&P 500 index closed at a record high of 2,914.04 on Aug. 29. The day before, India’s Nifty 50 did the same. Other indexes in developed markets are only moderately below their January peaks.